Bitcoin / Cryptocurrency

BerettaGuy

BerettaGuy

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holdover said:
I have zero faith in cryptos. For me its a gamble , not an investment. Theres insane amounts of money to be made . but only for a time. If I can get out with a profit, I win. if not not , I lose. I dont see this ever replacing the dollar. All the government has to do is make it illegal and issue thier own .
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Never invest with more than you can afford to lose. But! I just finished a re-fi of my mortgage. My portfolio could pay off the mortgage today. There is a real threat that it won't tomorrow. Last year I was paying $2.19 for gas. Tomorrow I will be paying over $3. Congress and Biden are out of control and inflation is about to go into hyperdrive. What will happen with Bidens Tax Plan? When this crash happens the chaos is going to be worse than anything we have ever experienced. I am using crypto as a hedge.
 
GOPerfect

GOPerfect

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I have said many times that I am of the utmost ignorant in regards to this Bitcoin thingy.

I am not really in the mood to learn either, not sure if I am smart enough to understand it all.

My only real question is what happens if and when the internet fails?

Does all the value and worth disappear like a fart on a windy day?
 
spat

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GOPerfect said:
I have said many times that I am of the utmost ignorant in regards to this Bitcoin thingy.

I am not really in the mood to learn either, not sure if I am smart enough to understand it all.

My only real question is what happens if and when the internet fails?

Does all the value and worth disappear like a fart on a windy day?
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Yep, just like the paper money in your wallet.

If the internet dies it's precious metals and barter.
 
spat

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GOPerfect said:
See, and I think this is my biggest concern.

I cannot get into this online money because "they" control the internet and the power throughout the US and world...
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I think the Crypto will outlast the dollar.

But not by much.

The dollar will collapse, and people will turn to the crypto as an alternative. Then the people who collapsed the dollar will shut down the crypto too.

But you might get a few more months or a year out of it.
 
Calculon

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spat said:
I think the Crypto will outlast the dollar.

But not by much.

The dollar will collapse, and people will turn to the crypto as an alternative. Then the people who collapsed the dollar will shut down the crypto too.

But you might get a few more months or a year out of it.
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One of the big differences is that the central banks that control our paper currency do not control crypto. They fear what they don’t control so they’ve been fear mongering about crypto for years. Notice the recent change in their POV. Not only will Mastercard allow BTC transactions on its network the banks are starting to accept it. India recently announced a central bank managed crypto and guess what? The US Fed now talking about same. They want to control ie tax it and manipulate it.

Why do you think Elon Musk is interested in crypto? He bought $1.5 billion of it. It’s now out of the reach of the greedy little hands of our government. He can transact in Bitcoin and so long as he doesn’t convert it to dollars there’s no taxable event. He doesn’t have to pay tax on the growth as opposed to stocks where you pay tax on your growth when you sell/ take profit.

I have more faith in crypto than I do in the US Dollar /fiat currency. Gold and silver prices are unfortunately manipulated (ie held down) on a daily basis to hide the weakness of the dollar. As more average people adopt Bitcoin/ crypto huge investors like Musk will lose the ability to cause wide value swings through large purchases or sales making it more stable over time.
 
Blimey

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I was wrong about crypto as an “investment”. It is a speculative asset that has done very well. It has never been or will be anything close to a currency, however. It lacks an immutable necessity of currency which is relative stability.

Imagine negotiating the price of a car over a two week period with a dealer and its price changes 15% over that period, or your salary is demoninated in bitcoin and has to change every pay check.

bitcoin is utterly undefinable as having any value except when pegged to an actual currency.
 
spat

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Blimey said:
I was wrong about crypto as an “investment”. It is a speculative asset that has done very well. It has never been or will be anything close to a currency, however. It lacks an immutable necessity of currency which is relative stability.

Imagine negotiating the price of a car over a two week period with a dealer and its price changes 15% over that period, or your salary is demoninated in bitcoin and has to change every pay check.

bitcoin is utterly undefinable as having any value except when pegged to an actual currency.
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The black market would disagree with you about it's utility as a medium of exchange.

It's certainly more stable than *some* currencies
 
SigSweet

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Was away for a little bit but i can help if anyone has questions.

Feel free to PM me I am sure i can answer or point you in the right direction.
 
Defilade

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SigSweet said:
Was away for a little bit but i can help if anyone has questions.

Feel free to PM me I am sure i can answer or point you in the right direction.
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Feel free to share your knowledge here. Do you currently use a form a Crypto? Where have you purchased it?
 
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holdover

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I bought some on coinbase and paypal. Paypal only has four major coins, but its pretty secure .There's money to be made there , but your going to have to pick your exit point. If I can make 20- 25% on my money,I cash and buy gold or silver. Some of the coins are crazy you can make double or triple in no time. But as sure as God made rain, its not going to last. Especially once I heard some of the hedge funds are in. they can make prices rise and fall and make money shorting the coin .
 
BerettaGuy

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Cuomo may be gone but his Gun Squad remains.
I was lying in bed and the idea hit me. Instead of giving my grandkids a 20 in their birthday cards, I will give them $20 in Bitcoin.
I Bought 1000 worth in Feb and then transferred 20 worth to 10 paper wallets. They will get the paper wallet and not have a clue.
On the day I bought Bitcoin's value was $43500
This means that $20 dollars of Bitcoin is 0.00045977 BTC. Today that is already worth $24.80.
The youngest is 2 and the oldest 18 year old twins. It is cool to talk bitcoin and other investments with them.

​
 
BerettaGuy

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Defilade said:
Feel free to share your knowledge here. Do you currently use a form a Crypto? Where have you purchased it?
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You can open an account with Coinbase. Then link your bank. transfer in some money but when you are ready to buy, open COINBASE PRO
make your purchase there. (cheaper fees). Most other exchanges won't deal with NY Residents thanks to NY Regulations.
ONce you have an amount, whether it be 50 or 100 or 1000 everyone will tell you not to leave it on the exchange and transfer to a wallet. That is a personal choice. Every time you move it around there is a slight fee of a couple of dollars or more.
I will tell you now that it will take a few days for everything to settle.
WeBull SofI and Gemini also take NY Residents.
When I started all of this I watched YouTubers explaining Crypto for a month or two.
I own BTC Etherium Litecoin Cardano and several others
Cardano is my next largest holding. It is very hot now at $1.20 and I am hoping that it goes to around 40 bucks this year.
None of this is financial advice, I'm answering a post.
 
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holdover

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BerettaGuy said:
I was lying in bed and the idea hit me. Instead of giving my grandkids a 20 in their birthday cards, I will give them $20 in Bitcoin.
I Bought 1000 worth in Feb and then transferred 20 worth to 10 paper wallets. They will get the paper wallet and not have a clue.
On the day I bought Bitcoin's value was $43500
This means that $20 dollars of Bitcoin is 0.00045977 BTC. Today that is already worth $24.80.
The youngest is 2 and the oldest 18 year old twins. It is cool to talk bitcoin and other investments with them.

​
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Ah salute, Don Corleone.
 
BerettaGuy

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MothMan said:
Anyone. Where are you storing your coins?? Hardware wallets vs software wallets. What about Doge?
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I use a little of each. There are Paper Wallets where your info is stored on a piece of paper that consists of a Private Key and a Public Key. If you lose either, it is the same as losing a pile of cash or a wallet.
There are online wallets that are reasonably safe as long as you have the password and backup phrase which consists of words that must be typed in exactly in order. An then there are wallets that range from 200 to 500 dollars that are physical thumb drive-like devices. Lose the device and poof.
So as you can see nothing is totally safe, just safer than others. If you store in a blockchain wallet the chances of a hack are zero. Exchanges are just like Amazon or Microsoft and are susceptible to a hack.
I created paper wallets with backups of the paper wallets on hard drives and thumb drives. Then I have to train my dependents on how to access in the event of my demise. But I also have wallets online like Trust Wallet and Jaxx and Guarda Wallet. again backing up the passwords and phrases on paper and other hardware devices.
I didn't do DOGE although looking back I guess I should have.
There were too many DOGE coin millionaires, people that would buy it a .0004 $400 bucks bought you $2,500,000,000 then they would pump it to .004 and dump it. The coin itself doesn't do anything. like Cardano ETh or Litecoin. I guess you can now buy Basketball tickets with it, but don't really care about the NBA.
I forgot to add, not all wallets accept all coins.

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ManrisFrack

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BerettaGuy said:
Not all wallets except all coins. Now with cardano, I use stake pools which are paying me about 4.00 a day, in cardano. which is a whole nother topic
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You use stake pools for what? I've heard of stake in reference to mining but I'm not sure what that means.
 
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